Despite a economy-changing pandemic gripping the world, U.S. recorded music revenues increased in the first half of the year over the year prior, driven by streaming and (to an extent)... vinyl.
Mid-Year 2020 RIAA Revenue Statistics (RIAA)
In the first half of 2020, U.S. recorded music revenues grew 5.6% to $5.7 billion at retail value,
continuing the positive growth trends of recent years. Streaming music grew to 85% of the market by
value, compared with 80% the prior year.
Four Takeaways From the RIAA's 2020 Mid-Year Report (Billboard)
1. Vinyl Outpaced CDs For the First Time in Over 30 Years
2. CD Declines Mean Last Year Was a Blip
3. Pandemic Guts Ad-Supported On-Demand Revenue Growth
4. How Much Can You Read Into Numbers?
Sony Music Reaches $12.7M Settlement in Challenge to Decades-Old Contracts, Royalty Methods (Billboard)
Sony agrees to pay $12.7 million to affected Sony artists who opt-in to the class action on a pro-rata basis, and also commits to increase royalties on international streams for those artists' eligible recordings by 36% from July 1, 2019 onwards.
